State insurance regulators are releasing 2 kinds of data: receivership statistics and information on state insurance department resources, according to the National Association of Insurance Commissioners, Kansas City, Mo.
The NAIC publicly released its Global Receivership Information database, known as GRID, which provides “a national clearinghouse for receivership information…”
The database will include information for more than 1,200 receiverships provided by the states and the District of Columbia. Information will include “receivership contact information, relevant court orders and docket numbers, ongoing tasks, distribution of assets, claims-liability details, business activity and deposits.”
GRID can be accessed via the NAIC’s Consumer Information Source at . The CIS database provides several basic types of licensing details and key financial data.
This release follows the recent release of information in the NAIC’s Insurance Department Resources Report, a survey that offers states comparative information on other states. The report is organized in 5 sections: staffing, budget and funding, examination and oversight, insurance producers and consumer services, and antifraud.
The report includes information such as the number of departmental staff and their functions, annual budgets, revenue flows, premium volume, the number of insurers and insurance producers and the number of consumer complaints and inquiries.
Among the findings in the report:
–Insurance premiums increased by 11.5% to $1.6 trillion in 2007 over 2006.
–The 5 states with the largest 2007 premiums written are California, New York, Texas, Florida and Pennsylvania, comprising a total of 39.6% of U.S. premium.
–There were a total of 7,773 domestic U.S. insurers in 2007.
–State insurance departments received more than 371,000 official complaints and 2.4 million inquiries.
Other data in the 86-page report include: